Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Earnings (Loss)

v2.4.0.6
Condensed Consolidated Statements of Earnings (Loss) (USD $)
In Millions, unless otherwise specified
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenues        
Principal transactions $ 1,937 $ 2,173 $ 1,796 $ 3,344
Commissions 1,240 1,447 2,595 3,037
Managed account and other fee-based revenues 1,399 1,331 2,686 2,622
Investment banking 1,053 1,614 2,257 3,146
(Loss) earnings from equity method investments (29) 120 128 258
Intercompany service fee revenue from BAC 205 169 372 402
Other revenues 256 940 1,028 2,834
Other-than-temporary impairment losses on available-for-sale debt securities:        
Total other-than-temporary impairment losses on AFS debt securities (4) (10) (6) (46)
Less: Portion of other-than-temporary impairment losses recognized in OCI on AFS debt securities 0 2 0 2
Subtotal 6,057 7,786 10,856 15,599
Interest and dividend revenues 848 1,506 2,685 3,906
Less interest expense 1,856 2,390 3,763 4,743
Net interest expense (1,008) (884) (1,078) (837)
Revenues, net of interest expense 5,049 6,902 9,778 14,762
Non-interest expenses        
Compensation and benefits 3,568 3,898 8,082 8,508
Communications and technology 390 478 829 906
Occupancy and related depreciation 296 335 601 671
Brokerage, clearing, and exchange fees 243 303 525 603
Advertising and market development 129 115 237 236
Professional fees 226 225 421 452
Office supplies and postage 28 32 56 64
Provision for representations and warranties (840) 2,741 (829) 2,719
Intercompany service fee expense from BAC 538 679 932 1,232
Other 318 559 623 1,213
Total non-interest expenses 4,896 9,365 11,477 16,604
Pre-tax earnings (loss) 153 (2,463) (1,699) (1,842)
Income tax benefit (702) (1,021) (926) (806)
Net earnings (loss) $ 855 $ (1,442) $ (773) $ (1,036)